Newest Numbers For Allentown Show New Home Closings and Prices Rise
Posted on: Apr 06, 2014 07:01:01 AM
There was an increase in closings of new homes in the Allentown, PA market in December year-over-year, and the market seemed to be hinting at bolstering with a percentage rise stronger than November 2013. New home closings saw a jump of 43.3% from the year earlier to 86. This was after the housing market saw a 19.4% hike year-over-year in November.
A total of 887 new homes were sold during the 12 months that ended in December, up from 861 for the year that ended in November.
New home closings represented 10.3% of overall housing closings. A year ago, 9.4% of total closings were new home closings. Following a year-over-year increase in November, closings of new and existing homes also rose year-over-year in December.
Pricing and Mortgage Trends
The average price of new homes was $330,214 per unit in December, up 25.0%from a year earlier. This boost compares to a 1.7% drop in November from a year earlier.
The average mortgage size on newly sold homes gained year-over-year along with the average price of new homes. In December 2013, average mortgage size jumped 17.0% from a year earlier to $248,478. Average mortgage size grew 2.1% in November 2013 from a year earlier.